Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #6826371

Complaint Overview

Complaint ID: 6826371

Company: Wells Fargo & Company

Product: Money transfer, virtual currency, or money service

Sub-Product: Domestic (US) money transfer

Issue: Fraud or scam

State: Oklahoma

ZIP Code: 73160

Date Received: 2023-04-11T12:00:00-05:00

Date Sent to Company: 2023-04-11T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

I invested in a company called XXXX XXXX ( XXXX XXXX ) and sent initial funding amounts from my XXXX XXXX account in the form of Wire to XXXX 's Wells Fargo bank account. I sent $ XXXX on XX/XX/22 and then another $ XXXX on XX/XX/22. I have the backup to support if needed, as do the other XXXX investors. Around XX/XX/22 it was discovered by XXXX investors that XXXX was a fraud, and we took action to call the FBI, SEC, and local Attorney Generals. The SEC has now formally charged XXXX 's creator, and I've added the SEC link below. XXXX XXXX created a Ponzi Scheme and XXXX investors were part of it. However, the banks involved did not protect the consumer from fraud and there were many ways which they could have prevented the {$4.00} million in losses. I have filed two complaints with CFPB to Wells Fargo, and both were rejected. I can't get anywhere with Wells Fargo and they refuse to cooperate. Unfortunately, no current legal action has been taken against the banks. They did not protect the consumer and I would like the CFPB to step in and take action on the investors ' behalf. Wells Fargo, XXXXXXXX XXXX, and XXXX XXXX XXXX all accepted wires for XXXX XXXX, which is now charged as a Ponzi Scheme by the SEC. These banks did not perform proper due diligence on the accounts they created for XXXX XXXX or XXXX XXXX, did not examine the line of business and legitimacy behind the company they created an account for, they did not flag the various large dollar value transactions to put a hold on the account ( until it was formally required to do so under investigation ), but most notably, these banks did not protect the consumer from fraud. Protecting the consumer has been reiterated multiple times in prior cases the CFPB has ruled on, as being the primary purpose of the board 's existence. In three prior cases I've found ( XXXXXXXX XXXX, XXXX XXXX, and XXXX XXXXXXXX XXXX ), each case ends with an overall delivery stating that it's the banks ' responsibility to protect consumers. Banks are being held accountable for turning a blind eye to fraud, and ultimately not protecting the consumer, both of which are truths from the XXXX case. I've attached my letter to an attorney. I have not found an attorney to take on a class action against the banks, mainly because most of them already had pending litigation vs Wells Fargo. I'm turning to the CFPB to assist the XXXX investors and charge these banks for their part in the XXXX Ponzi Scheme. XXXX XXXX XXXX

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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